18 Measures Issued by the State Council to Accelerate the Development of Integrated Domestic and Foreign Trade

The General Office of the State Council recently issued the "Several Measures to Accelerate the Development of Domestic and Foreign Trade Integration" (hereinafter referred to as the "Several Measures"), proposing 18 measures from five aspects: promoting the integration of domestic and foreign trade rules and systems, optimizing the development environment of domestic and foreign trade integration, and striving to break through key obstacles to domestic and foreign trade integration, and helping enterprises smoothly switch between domestic and international markets.

The "Several Measures" propose to benchmark against international advanced levels, establish and improve mechanisms for tracking and transforming international standards, transform a group of advanced applicable international standards, and continuously improve the conversion rate of international standards.

The Several Measures also mentioned to promote the connection between domestic and foreign trade inspection and certification, and deepen international cooperation in inspection, quarantine, certification and accreditation under the framework of the joint construction of the "the Belt and Road" and the Regional Comprehensive Economic Partnership Agreement (RCEP). Promote the connection of domestic and foreign trade supervision, and facilitate the smooth flow of domestic and foreign trade resource elements. Promote the same line, same standard, and same quality of domestic and foreign trade products, and encourage all parties to accept the results of the "Three Same" certification.

"This policy emphasizes the importance of adjusting and improving relevant domestic rules, regulations, management, standards, etc., which means that China will strengthen the standardization construction of the domestic market, eliminate barriers and obstacles between domestic and foreign trade, and promote trade facilitation and liberalization." Zhu Keli, Executive Director of the China Association for Information Technology and Founding Director of the National Research Institute of New Economy, told Shanghai Securities News.

In terms of promoting the integration of domestic and foreign trade market channels, the "Several Measures" point out to support foreign trade enterprises in expanding the domestic market and organize a series of activities to expand domestic sales of high-quality foreign trade products. Support domestic trade enterprises to explore international markets through cross-border e-commerce, market procurement trade, and other means. Give full play to the role of platform communication and docking, and promote the integration of domestic and international markets.

The "Several Measures" propose to accelerate the integration and development of domestic and foreign trade in key areas, deepen the pilot of domestic and foreign trade integration, and encourage greater efforts in reform and innovation related to domestic and foreign trade integration. Cultivate integrated domestic and foreign trade enterprises, support core supply chain enterprises to drive upstream and downstream enterprises to jointly explore domestic and international markets.

Zhou Maohua, a macro researcher at the Financial Market Department of Everbright Bank, told reporters that in the current uncertain global demand environment, the integration of domestic and foreign trade can help foreign trade enterprises better coordinate the domestic and international markets, and help them develop better.

The integration of domestic and foreign trade will also help expand domestic demand. Zhu Keli stated that by promoting the same line, same standard, and same quality of domestic and foreign trade products, consumers can buy products of the same quality in the domestic market as in the international market. This will improve the quality and level of domestic consumption, and meet the needs of consumers for high-quality and diversified products.

The Several Measures emphasize that local governments and relevant departments should actively promote the implementation of various policy measures, break through key obstacles to the integration of domestic and foreign trade, assist enterprises in smoothly switching between domestic and international markets, and strive to achieve substantial breakthroughs as soon as possible.

In Zhou Maohua's view, next, relevant departments will introduce measures to continuously deepen reforms in response to the needs and existing problems of integrated domestic and foreign trade development. For example, further optimizing cross-border customs clearance procedures, adjusting and optimizing the standard system for domestic and foreign trade, and adjusting the tax system standards for domestic and foreign trade.